ConocoPhillips announced it has entered into an agreement to sell its interests in the Ursa and Europa Fields and Ursa Oil Pipeline Company LLC to Shell Offshore Inc. and Shell Pipeline Company LP, subsidiaries of Shell plc, for $735 million subject to customary closing adjustments.
The transaction also includes an overriding royalty interest in the Ursa Field. Proceeds from this transaction will be used for general corporate purposes.
“Combined with previously announced dispositions, this transaction reflects our ongoing commitment to further strengthen our portfolio by divesting noncore assets and shows significant progress toward our $2 billion disposition target,” said Andy O’Brien, senior vice president, Strategy, Commercial, Sustainability & Technology.
Full-year 2024 production associated with the company’s 15.96% interest in the Ursa Field and 1% interest in the Europa Field was approximately 8 thousand barrels of oil equivalent per day (MBOED). The transaction is subject to customary closing conditions and is expected to be completed by the end of second quarter of 2025. The effective date of the transaction is Jan. 1, 2025.
